Elon Musk has been booted from his spot as the world’s richest person, according to Bloomberg’s latest ranking.
That title now belongs to Oracle co-founder Larry Ellison, who moves into the spot after the company reported earnings Sept. 9 that beat Wall Street expectations and sent its stock skyrocketing by as much as 40% the following day.
Musk had been considered the world’s richest person for just over 300 days. He first claimed the spot in 2021 but lost the title to Amazon founder Jeff Bezos, then Bernard Arnault, the chairman and CEO of LVMH, the world’s largest luxury goods company, Bloomberg reported.
This is the first time Ellison has been the world’s richest person, according to Bloomberg, with a majority of the 81-year-old’s net worth tied to the data software company.
On Sept. 9, Oracle Corp. reported earnings that exceeded Wall Street expectations after announcing it had secured several billion-dollar contracts for its cloud infrastructure with continuing demand.
As of 10 a.m. ET on Sept. 10, Ellison’s net worth was up by $101 billion. He’s now worth $393 billion, with Musk at $385 billion, according to the Bloomberg Billionaire Index. It’s the biggest one-day increase ever recorded by the index.
Oracle’s stock hit a record high of $345 on Sept. 10, marking the company’s largest one-day percentage jump since 1992. The stock was up roughly 100% year to date, from $166 at the beginning of the year.
In comparison, share prices of Musk’s Tesla are down roughly 7% year to date. However, the company recently proposed a huge pay package for the CEO, which could see Musk become the world’s first trillionaire, meaning he could potentially surpass Ellison once again as the world’s richest person.
The lucrative pay package would only take effect if Musk completes a series of goals in the coming years.
Ellison’s rise comes a day after Forbes released its list of the world’s richest people.
The outlet reported that the 400 richest Americans are worth a combined $6.6 trillion and are only getting richer. At one point this year, Musk was worth over $400 billion, the only person to ever hit that milestone.
Ellison was second in Forbes’ real-time billionaires list on Sept. 10, with a wealth value of $391.1 billion, behind Musk’s $440.5 billion.
Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at [email protected]
This article originally appeared on USA TODAY: Oracle co-founder Larry Ellison is world’s richest person: Bloomberg
